How does the Australian capital gains tax apply to profits from cryptocurrency trading?

1 answers

• kristopher OrtizMay 10, 2023 · 2 years ago
  As an expert in the field, I can confirm that in Australia, profits from cryptocurrency trading are subject to the capital gains tax. This means that if you sell your cryptocurrency and make a profit, you'll need to report it on your tax return. The tax rate will depend on how long you held the cryptocurrency. If it was less than 12 months, the profit will be taxed at your marginal tax rate. However, if you held it for more than 12 months, you may be eligible for a 50% discount on the capital gain. It's crucial to keep detailed records of your transactions to accurately calculate your tax obligations.
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